Wall Street Overview

Stocks ended mixed on Tuesday, Oct. 9, as the yield on the 10-year Treasury note came off its highs and the International Monetary Fund said trade tensions between Washington and Beijing, along with tighter financing conditions in emerging markets and uncertainty in Europe, will weigh on global growth in 2018 and 2019.

The bond market re-opened Tuesday after closing for Columbus Day with benchmark 10-year notes rising to 3.25% for only the second time since 2011. The yield on the 10-year Treasury note fell slightly to 3.21%.

Meanwhile, the IMF, citing rising interest rates and growing tensions over trade, said the global economy will grow 3.7% in 2018, unchanged from 2017 but down from the 3.9% it forecast just two months ago.

As for the U.S., "Growth will decline once parts of its fiscal stimulus go into reverse," said Maurice Obstfeld, IMF chief economist. "Notwithstanding the present demand momentum, we have downgraded our 2019 U.S. growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation."

Bids for the project, known as the Joint Enterprise Defense Infrastructure cloud, or JEDI, are due on Friday, Oct. 12. The contract could last as long as 10 years.

"We are not bidding on the JEDI contract because first, we couldn't be assured that it would align with our AI Principles," a Google spokesman told Bloomberg in a statement. "And second, we determined that there were portions of the contract that were out of scope with our current government certifications."

Shares of Papa John's International Inc. (PZZA) jumped 9% to $54.90 following a report that said Trian Fund Management LP was considering making a bid for the pizza chain.

Papa John's put itself up for sale earlier this year after the company's board forced out its founder and chairman, John Schnatter, for using a derogatory racial term during a marketing call. Schnatter remains on the board and still owns about 30% of the company.

Trian has asked the company for information as it considers a possible bid, the Journal reported, citing unnamed sources. Trian's approach is one of several the pizza chain has received, the Journal said.

Walmart Inc. (WMT) rose 2.5% after analysts at Deutsche Bank upgraded the stock of the world's largest retailer to "buy" from "hold."

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